HighRadius, a fintech enterprise Software-as-a-Service (SaaS) company, specializing in Artificial Intelligence (AI) based autonomous systems for Accounts Receivables and Treasury processes, announced its latest offering – AI-Based Cash Forecasting Cloud. The new solution will enable treasurers to achieve accurate, real-time cash forecasting without wasting their productive time on manually collecting and transposing data across spreadsheets and various systems.
Built on Rivana, HighRadius’s machine learning platform for finance departments, the solution will enable companies to accurately forecast cash flows with purpose-built AI algorithms at individual operational categories including Accounts Receivable(A/R), Accounts Payable(A/P), Expense and Payroll. Among the French fintech’s investors is Citi’s venture arm, CitiVentures, which both partnered with and invested in High Radius last year.
Sashi Narahari, founder and CEO, HighRadius, said in a statement, “Treasurers have been demanding higher degree of cash forecasting accuracy to help them evolve beyond managing daily funding and low-yield investments, to making higher yield decisions. We have successfully solved A/R forecasting with AI by predicting payment dates at an invoice level. We are now introducing AI-based, automated, forecasting models for high-variability cash flow categories including A/R and A/P to enable the digital transformation of the treasury function.”
HighRadius’s extensive research with treasury leaders across industries revealed that more than 98% of corporate cash forecasting is performed using spreadsheets with basic formulas. In addition to being manual and time consuming, most of these techniques do not incorporate any statistical modeling on large volumes of data to drive accurate forecasting. This is crippling the corporate treasurers from making confident short-term to long-term debt and investment decisions.